The BC Government has provided details of a new real estate speculation tax.
-.5 tax for BC owners
-1% tax for Canadian owners
-2% tax for non-canadiana owners
-Exemptions for BC owners under $400k
-Does not apply to rural vacation property
So what do you think, have they struck the right balance on this tax and what impact do you think it will have on real estate prices?
If a speculator made a profit from flipping a property the gain is taxed as income and not as a capital gain.
If you rented out the property and held on to it for a while any gain on the sale is taxed as a capital gain.
I recall back in the early 1980’s Revenue Canada started auditing real estate sales to look for quick resales.
If the CRA believes that you purchased the property with the intent of selling it for a profit, it will likely consider it as business income.
http://taxsolutionscanada.com/is-house-flipping-considered-capital-gains-or-business-income/
Only if CRA deemed that you are making a living out of selling RE. Same as day trading profits are taxed as income not capital gain. But that’s only if they audit you and make that determination.
Is there some reason my comments still says “comment awaiting moderation”?
When a comment has more than 2 links it automatically gets caught up in the spam filter.
You didn’t use enough racial slurs, maybe?
@SIDA: You can always choose to leave if it is not to your taste…..
Thanks for finally showing your true colours. You had an opportunity to say that all racial slurs are unacceptable, yet you lack the class to do so. And that’s precisely why you hang out here.
I hate racial slurs as much as I hate race-baiting. They are both unacceptable.
And you are guilty on both counts.
Liar.
If a speculator made a profit from flipping a property the gain is taxed as income and not as a capital gain.
If you rented out the property and held on to it for a while any gain on the sale is taxed as a capital gain.
I recall back in the early 1980’s Revenue Canada started auditing real estate sales to look for quick resales.
If the CRA believes that you purchased the property with the intent of selling it for a profit, it will likely consider it as business income.
It’s quite obvious that the real estate industry gave the housing action people a 1st round knockout.
I don’t think the NDP can do anything going forward. They are finished as a party after next election.
Greens are also finished. No way the referendum passes now unless people like Just Me are totally clueless….
NDP has reneged on every single campaign promise.
Only one left to destroy is Porportional Rep.
Never thought I would agree with this asshole but here I am.
Go figure.
Makes 2 assholes.
butt that’s impossible …
I think the exclusion of genuine rural areas was easy to see coming and many of us did see it coming. Maybe they went a little out of their way to provide exemptions for BC residents but that’s good politics. As they said “Over 99% of British Columbians are
estimated to be exempt.” The message being if you oppose the oppose the tax, you’re on the side of the 1%.
I agree and as I posted yesterday these tax changes are for all intents and purposes a non-issue as far a s most people are concerned because the core intent is still there while assuaging those few who were caught up in it unexpectedly. This in spite of what those vested interests say who were posting here on this topic incessantly yesterday.
“Good politics” would have been getting it right first time.
This is “good politics” … they are seen as listening to the people and caring and being accommodating. It makes everyone feel good.
It’s expensive showmanship which benefits nobody. I’m glad you’re enjoying paying for this mess.
The NDP asked for much, conceded little, and came home with what they set out to do.
I would certainly prefer to see higher mill rates on housing in Vancouver. Now that the taxes have come into existence, they can be adjusted. And I suspect they will be jacked up if the market picks up again.
This is becoming a no-win situation for people who buy housing because of expected future appreciation. The fact is: any appreciation will not be politically acceptable.
What “they set out to do” surely needs to be proven out over time. But if what they set out to do was pass a new law then of course they succeeded in clearing their pathetically low bar.
“What “they set out to do” surely needs to be proven out over time.”
of course. We need to keep their feet on the fire so that they deliver what we elected them for. Lower house prices.
Good, then when you said “they set out what they came to do” you now admit you were speaking nonsense.
Tax the astronaut families .
Sure Just me keep dreaming.
“The NDP asked for much, conceded little”
Here is an example of a $1 million property for a BC resident (which is 95% of the people the tax will impact).
Before $1,000,000 x 2% = $20,000 per year tax
Now first $400k is exempt, $600K x .5% = $3000 per year tax
That is an 85% reduction before we even get to all the exemptions. If you call that conceding little you are a fool.
It is 3k more per year than Christy Clark would charge.
Wow zinger.
She brought in the 15%.
1. The FBT has no teeth. It is easy to circumvent.
2. Circumventing the higher mill rate on home ownership is a lot harder.
3. Also, the example above is based on a cheap condo (1 million). try now what happens when you use a west side SFH valued at 3 million or more. Things change.
4. Last point: there is now also an extra school tax on values above three millions.
In summary, for the first time ever the mainland Chinese will have to give money to the Canadian government on a regular basis. This is great!
The foreign buyers tax equals this spec tax times 30 plus it is payable in advance. The spec tax is also easier to evade and the NDP generously provided countless loopholes to get out of it. It does not even comes close. Also note the Liberals faced way more objections to the FBT and held their ground. Not like the spineless NDP.
Your point was they “conceded little”. 85% tax reduction is little? We do not know what CC would have brought in but at least she would not have crapped her pants after a few letters and reneged 30days later.
Yeah, it’s not like Krusty would have brought in a foreign buyer tax, and then changed her mind and filled it with loopholes.
Flip flopping is never good politics. The NDP look like fools. At least everyone knows they are spineless and can be manipulated to do anything with a little whining.
Dumb patriots. He thinks stoking hatred from those that didn’t vote for you and frustration and disappointment from those who did vote for you is good politics. Leftism is a brain disease apparently.
“Liberalism is a mental disorder”
– Michael Savage
He’s already coined it.
“The message being if you oppose the oppose the tax, you’re on the side of the 1%”
Nice spin but last time I checked the 1% pay lots of BC income taxes. I thought this was supposed to tax those who do not pay taxes? Which is it?
You must be embarrassed.
“Which is it?”
The top 1% of BC taxpayers are not the same people as the 1% who will be affected by the spec tax. The tax was designed specifically to exclude those who pay the most BC income tax. The 1% who will pay the spec tax will almost all be:
– Canadians resident outside BC, who pay no BC income tax.
– Foreign owners, who pay no BC income tax.
– Satellite families, who pay little or no BC income tax.
– Operators of illegal short term rentals, who are cheating on their BC income tax.
I am really curious to see how they will implement the last two bullet points you mentioned. For the tax to work and have real bite, it needs to be sizable for:
– Satellite families, who pay little or no BC income tax.
– Operators of illegal short term rentals, who are cheating on their BC income tax.
These guys are the real problem in Vancouver. They use houses as commodities, from which they extract tax-free income.
Both of these groups are already illegally not paying income taxes and/or running illegal short term rentals. If the NDP won’t enforce those laws then how do they plan on getting them to pay the spec tax? This new tax will be laughed at.
I have to agree the only way rates in Canada will ever go up as if they go up substantially in the US first because we have no Central Bank here. Unfortunately my prediction is we get one rate hike for every two US rate hikes at the most. So I’m not sure it’s going to be enough to be honest.
BC NDP Gov’t 3.0
We should thank them, as they probably set the record for showing their true colours asap, as opposed to previous NDP Gov’ts.
They seem to be hardwired to be permanent opposition..some sort of “death wish” switch…like kids in a candy store..trying desperately to make ideology coalesce into something practical..pragmatic…. usually failing, back to ” dogma ate my homework”. …and ass handed to them on a platter in next election.
Many moronic NDP voters are confused by the aforementioned.
What has the NDP done for….errr “TO” you lately?
+100
I would call it Impostor Syndrome.
They inherited a reasonably solid starting point from Krusty on the whole.
All they had to do was “not do anything stupid”. Yet every single time they go to a microphone they make themselves sound so stupid you can’t believe your ears.
I’m all for ideologues. I actually respect an ideologue for his or her passion and commitment to truth, justice, and fairness as they see it.
But for the love of God you still need to do things the right way. You have to be smart.
Don’t announce half assed generalized theoretical changes, be unable to explain the details or how it could possibly work, then roll them back, then admit that you are surprised by how complicated governing is.
I mean Jesus Christ.
Party purges…nothing lasts forever.
Back in the 1980’s, the BC political landscape was Socreds and NDP.
Bennett stepped down after 10 years(aka it appears 10 years is almost statistically the tolerance limit of the voting public for any Gov’t or leader ). Vander Zalm came in and fractured the Socred party which ultimately became extinct.
The Right of Center took years to rebuild as Liberal Party…and BC was stuck with NDP 2.0 for 10 years as the default party.
IMHO, NDP could and should implode and another party rise from their ashes. Their support seems to be based on blind faith , when history shows overall the citizens are being primed for another disaster.
“They inherited a reasonably solid starting point from Krusty on the whole.”
You must be joking. the economy in Vancouver and, by extension BC, is a house of cards, founded on debt and on never-ending government support to leverage the housing market.
BC’s economy relies on a single-sector (housing) more than Alberta relies on oil and gas.
Much of this leverage is taken out by people who use seed money from Asia to buy multiple properties.
BC is a mess right now. And that is certainly not the NDP’s fault.
BC does not rely more on RE than Alberta does energy. I’d suggest you’re assuming that all financial services are 100% tied to real estate (they’re not).
“Real estate, rental and leasing take up a share of B.C.’s economy that is so large, it eclipses oil and gas in Alberta.”
https://globalnews.ca/news/3857283/real-estate-bc-economy-oil-alberta/
I stand corrected. Apologies.
“B.C. Now More Dependent On Real Estate Than Alberta Is On Oil”
“Editorial: B.C. economy depends on real estate”
http://vancouversun.com/opinion/editorials/editorial-b-c-economy-depends-on-real-estate
I agree that it’s built on quicksand but you have to consider the voting public’s view.
In the same sense that the Titanic was unsinkable and Enron was Too Big To Fail.
“The best argument against Democracy is a five-minute conversation with the average voter.” -Sir Winston Churchill
at least Oracle is no longer trying to hide the fact that he’s a closet RE pumper desperate for higher prices.
Here’s what most people are missing about the spec tax and astronaut locusts:
It’s not the tax rate that affects them but the fact that there’s a tax at all. Most astronaut locusts are here to be in 100% anonymity and far away from Beijing fiscally. Now, because of the spec tax, they’ll have to declare tons of info on themselves and their income ( true or not). This opens a can of worms for them because 1) the CRA might call them out and they’ll loose their welfare 2) The Chinese gov’t might get it’s hand on their T4s and then astronaut locusts can kiss their kidneys goodbye.
I think that’s what Horgan wants but it’s not my takeaway?
Won’t they just have to do some (easy) pivots to a combination of “my son is a resident; he is a student” / “it is rented to my cousin” / “my wife is on disability” / “we inherited this from Grandpa” and be exempted?
Or, (still better than declaring global income,) just pay a few tens of thousands per year for anonymity? Which isn’t difficult for a person whose property is appreciating at hundreds of thousand per year and who has purchasing power in the millions?
My takeaway is that the tax is basically voluntary in that sense.
I’m hoping that I am wrong.
The gov’t (an NDP one particularly) will want to know as much as possible about you, citizen or not. I doubt that astronaut locusts can just pay the 2% and stay anonymous.
They can cheat the system and avoid the tax but then they’ll have to give much more info that they’ll want and they’ll have to pay income taxes on top.
They can evade taxes (with all the consequences of that). But if they file them, they are immediately visible to government agencies in Canada, as well as outside of Canada if our government does the right thing and passes the info over to China.
The game is over.
Nobody is giving accurate numbers for their worldwide income now. Why would that change with a new tax? It is impossible for the BC government to verify and it takes CRA a lot of work and expense to verify if they wanted to(that is why CRA doe snot do it). CRA is not going to collect BCs spec tax for them if they won’t even bother with federal income taxes.
You’re missing the point. Before, they could live here without filing a single piece of paper. Not anymore, the spec tax forces them to file something that will be looked at for tax reasons.
They still paid property taxes. Nothing is different. Most do file poverty level income taxes (the spouse) so they can get MSP, etc for free. The spouse will still file their poverty level income tax. Nothing changes.
Listen to Josh Gordon’s interview on Linda Steele. Hopefully you will be satisfied. If not, we cannot help you.
Why the 7s?:
845 W 68th Avenue, Vancouver
Feb 12:$1,399,000
Mar 26: $1,077,777
Change: – 321,223 -23%
Ass: $1,177,000
Probably Eskimo Freemasons ?
Go ” Green Party ” ?
Go Bye Bye….
IMHO.. This LATEST NDP fiasco is very amusing.
Weaver’s Green Party MLA Olsen must have had ass- in- a- sling given his riding has Gulf Islands that were to be targetted by speculation tax….aka the Gulf Islanders must have regretted support for Green Party .
Other GREEN MLA, Furstenau…..from what I can gather…is a one issue candidate…,,based on some landfill issue in her riding and toxins allegedly being dumped.
Weaver is one of those clowns/clones that believes in Global Warming.
..and these 3 hold the balance of power ?!?!
I see a lot being talked about the spec taxes but no one is really talking about China’s change in citizenship policy. Did they not just ban dual citizenship? Does this effect PR as well or or only prevent you from being a full on Canadian? I would have thought this to be a much bigger deal in regards to foreign buyers and astronaut families. Is it a game changer or a complete non issue? I honestly don’t know that’s why I’m asking…
Only Shanghai has dropped the hammer on astronaut locusts… For now.
Not sure I follow. What do you mean exactly?
They don’t allow Chinese to keep their Hokou documents (Shangai residence permit) if they acquire permanent residence elsewhere. This means that a permanent resident of Vancouver cannot keep his residence in Shangai legally.
Of course, they can (and will) lie. But the pressure is growing.
The 100 million question is: how will the NDP define and verify the satellite Family status in Vancouver? They have been throwing around the word quite a bit: the devil is in the details.
How to legally define Satellite status? If they do it properly, it will become interesting!
oh ok thanks. I thought it was all of China. Didn’t realize it was only Shanghai. So a non issue then
Why would the stop there….???
.Emperor dogface is simply testing the waters.
Perhaps other large Chinese municipalities will follow. Keeping your Houkou is a big deal, without it you are cut out from a variety of social services and from owning property.
The dilemma for many Chinses is what tax residence to choose. Many of them will try to keep a low profile, lie and try to evade taxes by shuffling their wealth internationally. But it is becoming harder to do so.
Re Hokou documents.
Seems like Emperor Dogface is doing an Uncle Joe Stalin….probably warning potential rivals to stay way or else.
No more double- dipping and freeloading..one is either (i)Chinese or (ii)not Chinese.
The blowback is he scares Chinese away…so even more foreign locusts leave China,further impacting RE globally ?
Question: Is this the ultimate plan…a ruse so the Chinese invasion gathers more steam?
NDP ?…..IMHO they won’t touch the issue..they don’t have the guts…should be clear by now they will instead attack their own citizens. NDP socialist ideology is in sync with Communism anyway.
According to this it’s all of China in general, excluding Hong Kong and Macau, that has banned dual citizenship. I guess it’s only loosely enforced except with the recent move by Shanghai?
I do admire the Chinese in this respect. You don’t want to live here and pay your taxes here then we are revoking all benefits. Seems logical. We should be doing the same.
Houkou is a residence permit and has nothing to do with citizenship. Most Chinese nationals do not hold houkous for Shagain or Beijing.
The double citizenship issue is separate but equally important: a large share of Chinese in Canada and the US are effectively hiding their foreign status from the Chinese state.
Interesting. thanks for the info
It’s much better to have PR in Canada than Citizenship.
Then can have foot on both countries. Canada considering giving PR people voters rights. Lame Duck Canada.
There’s no plan to give the vote to PR that I’m aware of. Perhaps you could link to your source?
Also, when renewing PR you might be accused of not intending to settle in Canada if you’re eligible to apply for citizenship but have not done so.
So, no, it’s not better.
Here come the spruikers for rural vacation property. Just what we needed. NOT!
China ready to fight ‘bloody battle’ against enemies to take its place in the world, Xi says in speech
China is ready to fight the “bloody battle” against its enemies in its determination to take its place in the world, declared President Xi Jinping in a nationalist speech Tuesday that underlined his strongman rule over the world’s most populous country.
Speaking at the closure of the 13th National People’s Congress, a meeting of the country’s rubber-stamp parliament, Xi said the “rejuvenation of the Chinese nation has become the biggest dream of the Chinese people.”
“We are resolved to fight the bloody battle against our enemies … with a strong determination to take our place in the world,” Xi said.
https://www.cnn.com/2018/03/19/asia/china-xi-jinping-speech-npc-intl/index.html
and the world is falling over themselves to do business with these guys. Unreal….
Commies know that that is capitalism’s biggest weakness.
This guy is getting out of control.
they were always like this. it’s just now that mr x has sized powers western elites are seeing them for what they really are and you are getting the unfiltered information.
“We are resolved to fight the bloody battle against our enemies … with a strong determination to take our place in the world,” Xi said.”
I’m pretty sure the head locust actually meant “take over the world”.
Translations from mandarin never seem to come out quite right.
Foreign Buyers Starting to Drive Up Housing Prices in Quebec
“Foreign buyers of real estate in Quebec are putting “marginal” pressure on prices while still accounting for a tiny sliver of the market relative to Vancouver and Toronto, according to new data released by the French-speaking province.”
“Last year’s land-registry data — compiled by JLR Solutions Foncieres — show foreign buyers bought single-family homes that were twice as expensive on average as those acquired by Quebec residents, the finance ministry said. Co-ownership properties acquired by foreigners were 40 percent more expensive than those bought by Quebeckers, the ministry also said.”
Why not quote the part which says that buyers from the USA number twice as many as those from China? Or that foreign buyers overall are but 1% of the market? Or point out that if foreigners are buying at the high end of the market then they’re not actually competing with locals?
Oh wait, I think I know.
How about this quote? Look especially at the end of the paragraph….
“U.S.-based buyers made up the biggest share of foreign acquirers with 32 percent of all transactions. French buyers were next with 20 percent, followed by Chinese nationals at 16 percent. That’s a marked contrast from 2006, when Chinese residents accounted for just 1.3 percent of all foreign home transactions in Quebec.”
The trend is your friend.
You have two data points and you’re extrapolating. That doesn’t surprise me.
You are the guy who claims we should use the data. We have few data points also in BC and elsewhere, mostly because governments have made excuses (often based on race) and have argued we did not need to gather data. Doing so might be perceived as racist.
It seems to me that you only resort to data when it helps you justify the behavior of the mainland Chinese who buy real estate in Canada.
I personally believe the data we have at the moment sucks: we need way better, more accurate and extensive data to really quantify the extent of foreign money slushing in our RE market.
And I am not talking about the passport of those on the title, I am talking about the source of the money they are using.
You’re not “using the data”. You’re making up your own.
The data says there’s a tiny number of sales to foreigners in Quebec, and Chinese buyers are a small fraction again.
Yes, we are aware of your opinions. Chinese money plays no role in the massive price runups of the past few years in Vancouver.
And anyone who says otherwise is a paid shill and should be insulted and called names.
Changing the subject away from Quebec? I guess you’re conceding the point again.
chinese nationals at 16% is not a ‘small fraction’.
“US- based” buyers account for 32% of foreign sales
They seem to be trying to hint at “something”.
Yes, it is.
I thought you just said it is only two data points.
I am confused. Is this good or bad data? Shall we use it as a convenient way to ignore the growing problem of Chinese money?
Your reasoning is confused.
Quebec ? Confederation’s spoiled child
bawahahahahahahaha
What comes around goes around baby..
These confederation cockroaches took advantage of the investor program, whereby foreigners with net worth of $1.6 million “lent” Quebec gov’t $800,000 interest free for 5 years( principal returned )
….this back door approach allowed an estimated 46,000 foreigners who subsequently moved to Vancouver and Toronto and acquire Permanent Resident status.
I hope these foreign investors pile into Quebec..F*ck em….payback is a bitch…
Yep!
I’m waiting for Calgary. As soon as NDP out of there, Kenney will ramp up immigration. Rents and everything will shoot up like crazy there.
Buy 2. Prices double. One paid off.
Oooooh! There’s that “Yellow Peril” at it again. Why don;y you buggar off with all your BS?
Carole James has just said now that they could further tweak the Speculation Tax for BC residents who are not yet Permanent Residents but live here 6+ months a year.
WTF??
By the time the NDP are done tweaking this spec tax they will be sending out cheques to home owners. The NDP are spineless.
So what’s everyone’s plans after D-day has come and gone and lost?
After all the NDP Flip Flops, there is no way they let the PR referendum passes. So most likely scenario is we go to the polls in the fall. So much for the NDP experiment.
If they do let PR pass (highly unlikely), then 2 of the 3 parties will always block housing action because they can’t agree on a course of action (how convenient).
So what’s everyone’s plans after D-day has come and gone and lost?
Me first: I’m highly mobile workwise in lower mainland so I’ll move further into Valley. Also have a half Vancouver house inheritance coming probably my kids way in the future. Also have a home and farm overseas to fall back on.
What about others?
Biggest Loser is Andrew Weaver and Greens…
Dr. Math Professor should have insisted any/all NDP plans be modelled, which the NDP did not do.
Anyone with a modicum of intelligence could have seen the blowback coming, ……..moreso this time of year when people start to access their cabins etc….now they are more pissed than a bear exiting hibernation.
One has to presume Greens are not party to (ie not consulted) what the NDP drafts and tables, or even if they did…all the NDP moves are going to blow up in Greens faces……guilt at minimum by association.
Peoples outrage should be directed at Greens and Guichon…going down as BC worst ever Lt Gov.
Finally PR is DEAD……DONE…and good riddance to the concept…luckily we got off lucky this time as the NDP F*cked up sooner than normal.
Been away for a while as we upped and moved to the USA but good to see the site still going and indication that the market is finally adjusting. The one thing I just don’t get is why didn’t the NDP just make the tax province wide? So much simpler to administer…
“The one thing I just don’t get is why didn’t the NDP just make the tax province wide? ”
One, the housing crisis isn’t province wide, and two, there are big parts of the province where legitimate vacation properties are an important part of the economy.
So now some vacation properties are “illegitimate”?
“One, the housing crisis isn’t province wide”
Sure it is. When crap hole houses are selling for $500K in the Kootneys that is a crisis.
Yes if they are in Metro Van. Go buy one in Whistler if you want.
Sure, but it becomes wack-a-mole. Squamish is not covered so speculators move there next. If housing is not a problem in Salmon arm, there should be no impact or issue with a foreign owner/empty home tax. Make the “vacation home”areas where it is critical to the economy the exception, you might have 3 or 4 exception regions.
Kim Jong Un makes first trip from North Korea to China….
personally i think this is good for usa and trump.
‘Suspicious’ B.C. casino-cash transactions plummeted in February: Eby
“In a presentation Tuesday to the House of Commons standing committee on finance, which is receiving input on amendments to the Proceeds of Crime and Terrorist Financing Act, Eby said that suspicious transactions to B.C. casinos had fallen to $200,000 in February from a high of $20 million in July 2015.
“We have reduced it by a factor of 100,” said Eby.”
“Eby told the federal committee, however, that he didn’t believe the initial changes had solved the problem.
“I believe that money has moved elsewhere, and I also believe we have a concern that needs to be dealt with bank drafts,” he said.
As part of its rolling investigation into money laundering in casinos, Postmedia earlier reported that B.C.’s gaming enforcement branch is concerned that many bank drafts, which can be used to fund patron gaming accounts for high-stakes gamblers, could have suspicious origins.”
“Eby was in Ottawa to make recommendations to the finance committee based on initial recommendations from German, whose full review is due at the end of this week.
There are expected to be more recommendations the B.C. government will act on.
Among the recommendations presented to the federal committee is a call for better use and action by law enforcement officials on information stored with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s chief finance intelligence unit.
“An anti-money laundering system that rigorously enforces compliance with reporting, but then has inadequate action on those reports, puts a sheep mask on a wolf’s face,” Eby told the finance committee.”
More like a wolf mask on a sheep face, but whatever
“The recommendations also include a call for legislation that requires the reporting of money held in lawyer’s trust accounts, noted as an impediment to police investigations involving the movement of money through real estate and other financial sectors.
Casinos, banks, securities dealers, real-estate brokers, accountants and notaries must report suspicious transactions to FINTRAC, but not lawyers.
The recommendations also call for more policing resources to tackle financial crime and for tracking of cash purchases of luxury vehicles.”
Ok, so Eby has reduced money laundering through casinos by 99%, but that still doesn’t answer the question of WEAR EEBEE!?
He cherry picked the highest month in history. What was in Feb 2016? $200k is still too much and who knows if he is even telling the truth.
Mike de Jong instead….
““Allowing strata properties to avoid the speculation tax through no-rental bylaws would create an uneven playing field in the designated urban centres where the tax applies,” the Finance Ministry said in a statement Tuesday.
“To ensure fairness, the province will provide temporary grandfathering for strata properties that prohibit rentals. If a strata council were to pass a new no-rental bylaw, the strata properties will not be eligible for the temporary exemption.”
The ministry did address a question about whether the government could force stratas to abandon restrictive anti-rental bylaws.
Despite the vague language, there’s no need for immediate concern by strata owners, said Tony Gioventu, executive director of the Condominium Home Owners Association of B.C.
“I think it’s just going to parallel the formula the City of Vancouver has done on vacant homes — it’s already working and it’s working just fine,” said Gioventu.”
Flipping may already be subject to income tax – not just capital gains. Hopefully our finance minister knows this.
She probably doesn’t. Has she ever had a real job?
You could apply both taxes, but I agree, it would discourage people from selling so instead they could grandfather it in and only apply it to new purchases of investment properties as of today (so when new purchases are eventually sold obviously).
Hey paid shill, why don’t you stop posting the article and save some space! Stop jump for joy everytime you see your NDP god showed up in the news. They aren’t here to save you, and you are so screwed you can’t save yourself.
“Paid shill” is the least of it. He must have bloody fingers after typing so fast and furious; a real piece o’ shit besides.
I was chatting with Lynda Steele today about my question of how the Spec Tax will force Satellite Families to pay the 2% tax when it’s their Primary Residence and not a vacant empty home, so she told me she would ask her guest, SFU Prof Josh Gordon, today since they would be discussing the spec tax modifications….and sure enough she asked him. It’s actually a very good interview and worth a listen.
https://omny.fm/shows/steele-drex/will-the-amendments-to-the-province-s-housing-spec
Great interview. Thanks for sharing.
Josh Gordon nailed it on the head. he calls it like it is, and openly tells Michael Geller that he is simply lining his pocket from foreign millionaires. Great!
Highly recommended.
Love how he explained that since Satellite Families get so many free services and pay no tax other than Property, they are willing too pay more for properties which therefore benefits developers. And since it’s BC taxpayers that are picking up the tab for the services of these Satellite Families, it is in essence a transfer of wealth from taxpayers to developers.
Wow Michael Geller predicts the tax will be changed prior to this annoucement. NDP in developers pocket? How else could he know. I bet Horgan has a new deck.
What Josh Gordon says about high priced home owners who declare little income will be flagged is BS. Most of the high priced homes are already in this situation. They already know what a house is worth, who owns it and what income tax the owner pays. We already know about all those poverty level incomes in RIchmond, Point Gray and West Van. I do not recall even one case where someone has been brought up on tax evasion charges for this. Not one case. Why would that change if someone now fills out a new form and says they make little or no worldwide income. It is near impossible to audit by the BC government. HAM knows this. Misrepresentation on BC tax form is nothing compared to federal income tax evasion.
That wet behind the ears “professor” doesn’t know which end is up. Best to ignore that one.
Heard it on the way home.
Geller is such a piece of shit.
I understand Gellers position as a developer. He wants high prices. What is the NDPs excuse for giving Geller everything he wanted and essentially rescinding the tax?
Time will tell if you are right. I think you are wrong.
The writing is on the wall: the taco se that now exist can be easily be revved up if prices don’t behave.
Anyone seen Eby? Is he back in hiding. He must be regretting joining the NDP in the first place. I suspect he is pissed the NDP flushed his plan down the toilet. Or is he just as spineless as Horgan and James? The trip to Ottawa when announcing this debacle tells me he was not on board. Maybe there is hope for him. He needs to cross the floor.
Saw Eby on news…
Re Expensive cars…apparently in 2013 there were 1500 cars purchased over $150,000 each….3 years later over 3,000 cars in this range.
Eby says there is no tracking of these funds.
Can you say money laundering?
Can you say corrupt BC Libs?
Christy said we should not ask too many questions. It was good for “the economy”.
So… how do you launder in this case? You end up with $150k car, but it’s not like there’s a big resale market?
And the car dealship ends up with $150K in 20s and probably aren’t equipped to securely store that amount of cash.
What about establishing a luxury car dealership using laundered money? That would work.
Great! And you have proof one exists, I assume? Oh wait, you don’t. It’s just another expansion of your conspiracy theory to avoid confronting the fact that you might be full of shit again.
I have no proof. Neither supporting it or excluding it.
It’s expected that you’d not be able to prove non-existence. Simple logic.
All luxury vehicle in Vancouver are being bought by local people investing their savings in Ferrari and Lamborghini.
All the 3000/year units.
The boom in the past year is just a by-product of our economic growth, right?
Troubled China Conglomerate Puts All Properties on Block
“CEFC China Energy Co., the sprawling conglomerate that’s come under increasing government scrutiny, plans to sell its entire global property portfolio with a book value of more than 20 billion yuan ($3.2 billion), according to people with knowledge of the matter.”
“Almost 100 properties are up for sale, including its headquarters in an upscale Shanghai neighborhood, four floors of the Hong Kong Convention & Exhibition Centre and a condominium at the Trump World Tower in Manhattan, as well as hotels, residential apartments and industrial facilities, said the people, asking not to be identified because the deliberations haven’t been publicly disclosed.”
Nope, doesn’t remind me of Japanese companies in the late 80s/early 90s at all….
LS in Arbutus – perfect! The Japanese lost their shirts in the 80’s.
WEAR PALL?!
2 days in a row, and I can’t find Chipman stats anymore…
The Facebook groups aren’t getting stats either. Weird…
Google “robchipman” and it says “the site may be hacked” in the search results.
Paul B – – Where are you? 100’s of us behind the scenes await your drip of info . . . . . !!